<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div>Rad</div><div><br></div>I’m sure Citibank, a reputable global bank wouldn’t just plonk figures like that. :-)<div><br></div><div>It’s instructive to note that Citi has a highly coveted Private Banking Service here in Kenya. According to Wikipedia <span style="background-color: rgba(255, 255, 255, 0);"><b style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none;">Citi Private Bank</b>, a subsidiary of multinational banking conglomerate <a href="https://en.m.wikipedia.org/wiki/Citigroup" title="Citigroup" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">Citigroup</a>, markets <a href="https://en.m.wikipedia.org/wiki/Private_banking" title="Private banking" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">private banking</a> services for ultra-high net worth clients, including <a href="https://en.m.wikipedia.org/wiki/Entrepreneurship" title="Entrepreneurship" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">entrepreneurs</a> and senior corporate executives. It has 60 offices in 23 countries. To qualify for a Citi Private Bank account, one must have a net worth of at least US$25 million. This requirement is waived for law firm clients and qualified high-net-worth individual clients. Citi Private Bank's major competitors are <a href="https://en.m.wikipedia.org/wiki/JPMorgan_Chase" title="JPMorgan Chase" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">JP Morgan Chase</a>, <a href="https://en.m.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">Goldman Sachs</a>, <a href="https://en.m.wikipedia.org/wiki/U.S._Trust" title="U.S. Trust" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">United States Trust Corporation</a>, <a href="https://en.m.wikipedia.org/wiki/UBS" title="UBS" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">UBS</a>, and <a href="https://en.m.wikipedia.org/wiki/HSBC_Private_Bank" title="HSBC Private Bank" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant-caps: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-image: none; text-decoration: none;">HSBC Private Bank</a>.</span></div><div><span style="background-color: rgba(255, 255, 255, 0);"><br></span></div><div><span style="background-color: rgba(255, 255, 255, 0);">If you convert that 160 billion shillings odd its a mere $1.6 billion..In the scheme of things this is not even a rounding error in some balance sheets. :-)</span></div><div><font color="#222222" face="Helvetica Neue, Helvetica, Nimbus Sans L, Arial, Liberation Sans, sans-serif"><span style="font-size: 16px; -webkit-tap-highlight-color: rgba(0, 0, 0, 0);"><br></span></font><br><div id="AppleMailSignature"><div><span style="-webkit-tap-highlight-color: rgba(26, 26, 26, 0.294118); -webkit-composition-fill-color: rgba(175, 192, 227, 0.231373);"><b>Ali Hussein</b></span></div><div><b style="background-color: rgba(255, 255, 255, 0);">Hussein & Associates</b></div><div style="font-family: Helvetica; font-size: medium; -webkit-tap-highlight-color: rgba(26, 26, 26, 0.296875); -webkit-composition-fill-color: rgba(175, 192, 227, 0.230469); -webkit-composition-frame-color: rgba(77, 128, 180, 0.230469); -webkit-text-size-adjust: auto; ">+254 0713 601113 </div><div style="font-family: Helvetica; font-size: medium; -webkit-tap-highlight-color: rgba(26, 26, 26, 0.296875); -webkit-composition-fill-color: rgba(175, 192, 227, 0.230469); -webkit-composition-frame-color: rgba(77, 128, 180, 0.230469); -webkit-text-size-adjust: auto; "><br></div><div><p style="margin: 0in 0in 0pt;"><span style="background-color: rgba(255, 255, 255, 0);">Twitter: @AliHKassim</span></p><span style="background-color: rgba(255, 255, 255, 0);"><font></font></span><p style="margin: 0in 0in 0pt;"><span style="background-color: rgba(255, 255, 255, 0);">Skype: abu-jomo</span></p><p style="margin: 0in 0in 0pt;"><span style="background-color: rgba(255, 255, 255, 0);">LinkedIn: <a href="http://ke.linkedin.com/in/alihkassim" target="_blank">http://ke.linkedin.com/in/alihkassim</a><a href="http://ke.linkedin.com/in/alihkassim" target="_blank"><span style="text-decoration: none;"></span></a></span></p><span style="background-color: rgba(255, 255, 255, 0);"><font></font></span><p style="margin: 0in 0in 0pt;"></p><font><span style="background-color: rgba(255, 255, 255, 0);">Blog: <a href="http://www.alyhussein.com/" target="_blank">www.alyhussein.com</a></span><br></font></div><div><span style="-webkit-tap-highlight-color: rgba(26, 26, 26, 0.292969); -webkit-composition-fill-color: rgba(175, 192, 227, 0.230469); -webkit-composition-frame-color: rgba(77, 128, 180, 0.230469); "><br></span></div><div>"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi</div><div><span style="-webkit-tap-highlight-color: rgba(26, 26, 26, 0.294118); -webkit-composition-fill-color: rgba(175, 192, 227, 0.231373);"><br></span></div>Sent from my iPad</div><div><br>On 15 Jan 2018, at 12:40 PM, Rad! via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke">kictanet@lists.kictanet.or.ke</a>> wrote:<br><br></div><blockquote type="cite"><div><div dir="ltr">That figure does not sound credible. I'd be keen to know how they arrived at that</div><div class="gmail_extra"><br><div class="gmail_quote">On Mon, Jan 15, 2018 at 11:51 AM, Ali Hussein via kictanet <span dir="ltr"><<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr"><div class="gmail_default"><font face="georgia, serif" color="#000000">Listers</font></div><div class="gmail_default"><font face="georgia, serif" color="#000000"><br></font></div><div class="gmail_default"><font face="georgia, serif" color="#000000">Interesting warning from Citibank.</font></div><div class="gmail_default"><font face="georgia, serif" color="#000000"><br></font></div><div class="gmail_default"><font face="georgia, serif" color="#000000">Citibank analysts have warned that Kenyans have accumulated holdings of bitcoin estimated at more than Sh163 billion, which could cause widespread disruption to the economy were the cryptocurrency to collapse.<br></font></div><div class="gmail_default"><div style="box-sizing:border-box;margin:0px;padding:0px;border:0px"><p style="box-sizing:border-box;margin:1.5rem 0px 0px;padding:0px;border:0px"><font face="georgia, serif" color="#000000">The Citi study reveals a rising popularity of the virtual currency despite regular warnings by regulators, citing a lack of legal backing.</font></p><p style="box-sizing:border-box;margin:1.5rem 0px 0px;padding:0px;border:0px"><font face="georgia, serif" color="#000000">Read on:-</font></p><p style="box-sizing:border-box;margin:1.5rem 0px 0px;padding:0px;border:0px"><a href="https://www.businessdailyafrica.com/news/Citi-warns-over-risk-of-Kenya-bitcoins/539546-4263658-mhoko2z/index.html" target="_blank"><font face="georgia, serif">Citibank warns of over risk of Bitcoin investment in Kenya</font></a><br></p></div></div><div class="gmail_default"><font face="georgia, serif"><br></font></div><div class="gmail_default"><font face="georgia, serif"><br></font></div><div class="gmail_default"><font face="georgia, serif"><br></font></div><div><div class="m_6217722133335129113gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div dir="ltr"><p style="margin:0in 0in 0pt"><b><font face="georgia, serif" size="2">Ali
Hussein</font></b></p><p style="margin:0in 0in 0pt"><b><font face="georgia, serif" size="2">Principal</font></b></p><p style="margin:0in 0in 0pt"><font face="georgia, serif" size="2"><b>Hussein & Associates</b></font></p><font size="2">
</font><p style="margin:0in 0in 0pt"><font size="2"> </font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>T<font size="2">el: +254 713 60<font size="2">1113</font></font><br></span></span></font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>Twitter: @AliHKassim</span><span></span></span></font></p><font size="2"><span style="font-family:georgia,serif">
</span></font><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>Skype: abu-jomo</span></span></font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>LinkedIn: <a href="http://ke.linkedin.com/in/alihkassim" target="_blank">http://ke.linkedin.com/in/<wbr>alihkassim</a></span><a href="http://ke.linkedin.com/in/alihkassim" target="_blank"><span style="color:windowtext;text-decoration:none"></span></a></span></font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><br></span></font></p><p style="font-size:small;margin:0cm 0cm 0.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:9pt;font-family:georgia;color:black">13th Floor , Delta Towers, Oracle Wing,</span><span style="font-size:9.5pt;font-family:arial"></span></p><p style="font-size:small;margin:0cm 0cm 0.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:9pt;font-family:georgia;color:black">Chiromo Road, Westlands,</span><span style="font-size:9.5pt;font-family:arial"></span></p><p style="font-size:small;margin:0cm 0cm 0.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:9pt;font-family:georgia;color:black">Nairobi, Kenya.</span></p><font size="2"><span style="font-family:georgia,serif"><span><br><font size="1">Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.</font></span></span></font><span style="font-family:"Baskerville Old Face",serif;font-size:11pt"></span><span style="font-size:11pt"></span>
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